HSBC unit absorbs Primer Banco del Istmo

Thursday, June 12, 2008

The board of Panamanian bank Primer Banco del Istmo has approved the merger with the local banking unit of London-based HSBC (NYSE: HBC), the former said in a filing with securities regulator Conaval.

HSBC Bank Panamá is the new entity, the filing said.

Primer Banco del Istmo was the flagship unit of former Central American financial services group Grupo Banistmo, which was bought by HSBC in 2006 for US$1.97bn.

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